<SEC-DOCUMENT>0001279569-16-003866.txt : 20160712
<SEC-HEADER>0001279569-16-003866.hdr.sgml : 20160712
<ACCEPTANCE-DATETIME>20160712154643
ACCESSION NUMBER:		0001279569-16-003866
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160712
FILED AS OF DATE:		20160712
DATE AS OF CHANGE:		20160712

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		161763977

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6
		BUSINESS PHONE:		604-684-1175

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>panamericansilver6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>__________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>FORM
6-K&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">_____________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PURSUANT
TO RULE 13a-16 OR 15d-16</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UNDER
THE SECURITIES EXCHANGE ACT of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>July</B> <B> 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">_____________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>Pan
American Silver Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Exact
name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1500-625
HOWE STREET</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">VANCOUVER
BC CANADA V6C 2T6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Address
of principal executive offices)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">000-13727</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Commission
File Number)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">_____________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 25%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Form 20-F&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Form 40-F &nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;X</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Signatures&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
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    <TD STYLE="width: 50%"></TD>
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    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pan American Silver
    Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:       July 12, 2016</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/&nbsp;<B><I>KEENAN HOHOL</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Keenan Hohol</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">General Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT
LIST</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit</FONT></TD>
    <TD STYLE="width: 4%; padding-bottom: 0.75pt"></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;99.1</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pan American Silver Corp. - Early Warning
    Report </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit 99.1 of this report on Form 6-K is incorporated by reference
into the Registrant&rsquo;s registration statements on Form F-10 (No. 333-195220) and Form S-8 (Nos. 333-180494, 333-180495 and
333-206162) that have been filed with the Securities and Exchange Commission.</P>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>EARLY WARNING REPORT
<TEXT>
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<P STYLE="margin-right: 0; margin-left: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin-right: 0; margin-left: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-right: 0; margin-left: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B>Form 62-103F1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: center"><B><I>Required Disclosure under the Early
Warning Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Item 1 - Security and Reporting Issuer</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>State the designation of securities to which this report relates and the name and address of
the head office of the issuer of the securities.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Common shares (&ldquo;<B>Common
Shares</B>&rdquo;) and common share purchase warrants (&ldquo;<B>Warrants</B>&rdquo;) in the capital of Maverix Metals Inc. (the
&ldquo;<B>Corporation</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in">Maverix Metals Inc.<BR>
Suite 1500 - 625 Howe Street<BR>
Vancouver, BC V6C 2T6</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.2</B></TD><TD STYLE="text-align: justify"><B>State the name of the market in which the transaction or other occurrence that triggered the
requirement to file this report took place.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">The transaction was completed
as an issuance from treasury and did not take place on a stock exchange or other market that represents a published market for
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Item 2 - Identity of the Acquiror</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>State the name and address of the acquiror.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Pan American Silver
Corp.<BR>Suite 1500 - 625 Howe Street<BR>
Vancouver, BC V6C 2T6</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>State the date of the transaction or other occurrence that triggered the requirement to file
this report and briefly describe the transaction or other occurrence.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">On July 11, 2016, Pan American
Silver Corp. (&ldquo;<B>PAS</B>&rdquo;) and the Corporation completed a plan of arrangement (the &ldquo;<B>Arrangement</B>&rdquo;)
previously announced by PAS on April 18, 2016.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.3</B></TD><TD STYLE="text-align: justify"><B>State the names of any joint actors.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Item 3 - Interest in Securities of
the Reporting Issuer</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>State the designation and number or principal amount of securities acquired or disposed of that
triggered the requirement to file this report and the change in the acquiror&rsquo;s securityholding percentage in the class of
securities. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Immediately following the completion
of the Arrangement, PAS directly owned 42,850,000 Common Shares and 20,000,000 Warrants (together, the &ldquo;<B>Securities</B>&rdquo;)<B>
</B>of the Corporation. The 62,850,000 Securities purchased represent approximately 63% of the total number of issued and outstanding
Common Shares of the Corporation on a fully diluted basis.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.2</B></TD><TD STYLE="text-align: justify"><B>State whether the acquiror acquired or disposed ownership of, or acquired or ceased to have
control over, the securities that triggered the requirement to file this report. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">PAS acquired ownership of 62,850,000
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.3</B></TD><TD STYLE="text-align: justify"><B>If the transaction involved a securities lending arrangement, state that fact.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.4</B></TD><TD STYLE="text-align: justify"><B>State the designation and number or principal amount of securities and the acquiror&rsquo;s
securityholding percentage in the class of securities, immediately before and after the transaction or other occurrence that triggered
the requirement to file this report.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Prior to the acquisition, PAS
did not own, directly or indirectly, or exercise control or direction over any Common Shares or Warrants of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Immediately following the acquisition,
PAS directly owned 42,850,000 Common Shares and 20,000,000 Warrants. If all of the Warrants were exercised, PAS would directly
own approximately 63% of the total number of issued and outstanding Common Shares of the Corporation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.5</B></TD><TD STYLE="text-align: justify"><B>State the designation and number or principal amount of securities and the acquiror&rsquo;s
securityholding percentage in the class of securities referred to in Item 3.4 over which</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>the acquiror, either alone or together with any joint actors, has ownership and control,</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-align: justify">PAS directly owns 42,850,000
Common Shares and 20,000,000 Warrants. The 42,850,000 Common Shares represent approximately 54% of the total number of issued and
outstanding Common Shares. If all of the Warrants were exercised, PAS would directly own approximately 63% of the total number
of issued and outstanding Common Shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>the acquiror, either alone or together with any joint actors, has ownership but control is held
by persons or companies other than the acquiror or any joint actor, and</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-align: justify">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>the acquiror, either alone or together with any joint actors, has exclusive or shared control
but does not have ownership.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 1in; text-align: justify">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.6</B></TD><TD STYLE="text-align: justify"><B>If the acquiror or any of its joint actors has an interest in, or right or obligation associated
with, a related financial instrument involving a security of the class of securities in respect of which disclosure is required
under this item, describe the material terms of the related financial instrument and its impact on the acquiror&rsquo;s securityholdings.
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.7</B></TD><TD STYLE="text-align: justify"><B>If the acquiror or any of its joint actors is a party to a securities lending arrangement involving
a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of
the arrangement including the duration of the arrangement, the number or principal amount of securities involved and any right
to recall the securities or identical securities that have been transferred or lent under the arrangement.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.8</B></TD><TD STYLE="text-align: justify"><B>State if the securities lending arrangement is subject to the exception provided in section
5.7 of NI 62-104.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.9</B></TD><TD STYLE="text-align: justify"><B>If the acquiror or any of its joint actors is a party to an agreement, arrangement or understanding
that has the effect of altering, directly or indirectly, the acquiror&rsquo;s economic exposure to the security of the class of
securities to which this report relates, describe the material terms of the agreement, arrangement or understanding.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Item 4 - Consideration Paid</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>State the value, in Canadian dollars, of any consideration paid or received per security and
in total.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">The acquisition
of 42,850,000 Common Share was completed for consideration of CDN$52,823,048.00, representing a purchase price of approximately
CDN$1.23<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT> per Common Share and the acquisition of
20,000,000 Warrants was completed for cash consideration of CDN$2,625,400.00, representing a purchase price of approximately CDN$0.13<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2
</SUP></FONT>per Warrant for an aggregate total purchase price of approximately CDN$55,448,448.00<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>In the case of a transaction or other occurrence that did not take place on a stock exchange
or other market that represents a published market for the securities, including an issuance from treasury, disclose the nature
and value, in Canadian dollars, of the consideration paid or received by the acquiror.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">See 4.1 above.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>If the securities were acquired or disposed of other than by purchase or sale, describe the
method of acquisition or disposition.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0.5in; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Item 5 - Purpose of the Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>State the purpose or purposes of the
acquiror and any joint actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future
intentions which the acquiror and any joint actors may have which relate to or would result in any of the following: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>the acquisition of additional securities of the reporting issuer, or the disposition of securities
of the reporting issuer;</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>a corporate transaction, such as a merger, reorganization or liquidation, involving the reporting
issuer or any of its subsidiaries;</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>a sale or transfer of a material amount of the assets of the reporting issuer or any of its
subsidiaries;</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>a change in the board of directors or management of the reporting issuer, including any plans
or intentions to change the number or term of directors or to fill any existing vacancy on the board;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 8pt">Based on the Bank of Canada noon exchange rate of 1.3127 on July 11, 2016 (USD$0.939
to CDN$1.23)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 8pt">Based on the Bank of Canada noon exchange rate of 1.3127 on July 11, 2016 (USD$0.10
to CDN$0.13)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>3
</SUP></FONT><FONT STYLE="font-size: 8pt">Based on the Bank of Canada noon exchange rate of 1.3127 on July 11, 2016 (USD$42,240,000.00
to CDN$55,448,448.00)</FONT></P>






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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(e)</B></TD><TD STYLE="text-align: justify"><B>a material change in the present capitalization or dividend policy of the reporting issuer;</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(f)</B></TD><TD STYLE="text-align: justify"><B>a material change in the reporting issuer&rsquo;s business or corporate structure;</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(g)</B></TD><TD STYLE="text-align: justify"><B>a change in the reporting issuer&rsquo;s charter, bylaws or similar instruments or another action
which might impede the acquisition of control of the reporting issuer by any person or company;</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(h)</B></TD><TD STYLE="text-align: justify"><B>a class of securities of the reporting issuer being delisted from, or ceasing to be authorized
to be quoted on, a marketplace; </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(i)</B></TD><TD STYLE="text-align: justify"><B>the issuer ceasing to be a reporting issuer in any jurisdiction of Canada;</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(j)</B></TD><TD STYLE="text-align: justify"><B>a solicitation of proxies from securityholders;</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(k)</B></TD><TD STYLE="text-align: justify"><B>an action similar to any of those enumerated above.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify">PAS&rsquo;s acquisition was made for investment
purposes. PAS may, in the future, acquire ownership and control over additional securities of the Corporation for investment purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Item 6 - Agreements, Arrangements,
Commitments or Understandings With Respect to Securities of the Reporting Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Describe the material terms of any
agreements, arrangements, commitments or understandings between the acquiror and a joint actor and among those persons and any
person with respect to securities of the class of securities to which this report relates, including but not limited to the transfer
or the voting of any of the securities, finder&rsquo;s fees, joint ventures, loan or option arrangements, guarantees of profits,
division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are
pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power
over such securities, except that disclosure of standard default and similar provisions contained in loan agreements need not be
included.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify">The acquisition took place pursuant to
a Plan of Arrangement between the Corporation and PAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Item 7 - Change in Material Fact</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>If applicable, describe any change
in a material fact set out in a previous report filed by the acquiror under the early warning requirements or Part 4 in respect
of the reporting issuer&rsquo;s securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Item 8 - Exemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>If the acquiror relies on an exemption
from requirements in securities legislation applicable to formal bids for the transaction, state the exemption being relied on
and describe the facts supporting that reliance.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify">PAS acquired ownership of 62,850,000
Securities of Corporation pursuant to an arrangement that was (i) described in an information circular made pursuant to National
Instrument 51-102 <I>Continuous Disclosure Obligations</I> delivered to each securityholder whose approval of the arrangement was
required for it to proceed; and (ii) was approved by the securityholders described in (i). Pursuant to the arrangement exemption
set out in section 2.11 of National Instrument 45-106 <I>Prospectus Exemptions</I>, the prospectus requirement does not apply to
a distribution in connection with such an arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>Item 9 - Certification </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>I, as the acquiror, certify, or I,
as the agent filing this report on behalf of an acquiror, certify to the best of my knowledge, information and belief, that the
statements made in this report are true and complete in every respect.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-align: justify"><B>&nbsp;</B></P>

<DIV STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">July 12, 2016</DIV>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 40%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<DIV STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Date</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<DIV STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">/s/ Delaney Fisher</DIV>

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<DIV STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Signature</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<DIV STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Corporate Secretary</DIV>

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